At $664,000, Hong Kong is now home to the world’s most expensive parking space

While most of us spend a fraction of a cost to park our beloved Rolls Royces and Jaguars, you may have to dish out a little more to purchase the world’s mot expensive parking space in Hong Kong. How much may you ask? Well, maybe somewhere in the region of $664,000. And well, we’re not exactly talking about an entire parking plot; think a concrete slab roughly 17 feet long by 11 feet wide.

As the rest of the world is, fortunately, experiencing a swell in the economy; it seems the Hong Kong real estate market has reached its peak as its now home to the world’s most expensive parking spot.

“This is basically the price of one flat in Hong Kong,” said Lennon Choy, an associate professor of real estate and construction at the University of Hong Kong. “This is crazy, actually.”

The executive director of the Huarong Investment Stock Corporation, Kwan Wai-ming is the privileged owner of this piece of land. His company declined to comment. However, if you may think that this figure is ridiculous, it only broke the previous $615,000 paid for a slightly smaller spot last year.

The run-up is leading to worries about a damaging crash. Last month, the Hong Kong Monetary Authority, which acts as the central bank, tightened mortgage lending rules in an effort to tame the market.

“The risk of overheating in the property market in Hong Kong continues to increase,” Norman Chan, the authority’s chief executive, said in a statement last month. He added, “I would like to remind the public that, for most people, buying a property is not only one of the most important decisions in life, it is also a financial transaction entailing significant leverage through borrowing.”

At $664,000, Mr Kwan may as well get convenience. He already owns property in the same apartment complex where the parking spot is situated, called the Upton, in the Sai Ying Pun district. He previously bought two apartments for $9.7 million and two other parking spots in the complex for $995,000, according to the Hong Kong land registry.